Flight services company Signature Aviation has sold its engine repairs business for $230m, the firm announced on Wednesday.
US-based maintenance and repairs provider StandardAero will purchase the division.
Signature Aviation had been looking to offload ERO since it was first put up for sale in 2018.
The deal comes at a time when the airline industry has been battered by the coronavirus pandemic.
Mark Johnstone, Signature Aviation CEO, said: “We are pleased that we have reached agreement to sell our ERO business to StandardAero, where we believe the business will continue to flourish.
“We are committed to delivering long-term sustainable value for shareholders and this sale focuses us on Signature Aviation and our strong cash generative business.”